Saturday, July 31, 2021

Koovs losses deepen despite sales uptick

Online fashion retailer Koovs has recorded a rise in sales and customers in its half-year financial update, but its losses deepened.

Losses at the London-listed Indian etailer widened widened to £9.1 million in the six months to September 30, compared with £5.7 million during the same first-half period last year.

However, sales doubled from £2 million to £4 million and active customers grew to 431,000 from 181,000.

Koovs said the loss was anticipated as it continued to increase investment in marketing and technology.

READ MORE: Koovs crushes sales targets

“It has been another amazing six months of growth for both sales and new customers,” Koovs boss Mary Turner said.

“We have delivered on both our strategic and financial objectives and are in line with expectations.

“The increases in our customer base, registered base and social followers will provide an excellent opportunity for future growth.”

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